FBUF vs. FHEQ

Last updated Jul 31, 2026

FBUF (Fidelity Dynamic Buffered Equity ETF) and FHEQ (Fidelity Hedged Equity ETF) are both exchange-traded funds - FBUF is a Defined Outcome fund actively managed by Fidelity, while FHEQ is a Equity Hedged fund actively managed by Fidelity. Both are actively managed. Over the past year, FBUF returned 15.99% vs 14.52% for FHEQ. Their correlation of 0.93 means they have usually moved in the same direction. Both charge a 0.48% expense ratio.

Performance

FBUF vs. FHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Dynamic Buffered Equity ETF (FBUF) and Fidelity Hedged Equity ETF (FHEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBUF achieves a 6.44% return, which is significantly lower than FHEQ's 7.82% return.

FBUF

• 1D: 1.28%
• 1M: 1.55%
• 6M: 4.89%
• YTD: 6.44%
• 1Y: 15.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.63%

FHEQ

• 1D: 1.19%
• 1M: 0.88%
• 6M: 6.55%
• YTD: 7.82%
• 1Y: 14.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBUF Fidelity Dynamic Buffered Equity ETF	$230.62K	$233.77K	$266.61K
FHEQ Fidelity Hedged Equity ETF	$2.47M	$2.19M	$2.66M

FBUF vs. FHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	6.44%	14.01%	10.55%
FHEQ Fidelity Hedged Equity ETF	7.82%	13.34%	11.10%

Correlation

The correlation between FBUF and FHEQ is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.93

The correlation between FBUF and FHEQ has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FBUF vs. FHEQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBUF

FBUF Risk / Return Rank: 83
FBUF Sharpe Ratio Rank: 84
FBUF Sortino Ratio Rank: 81
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 81
FBUF Martin Ratio Rank: 86

FHEQ

FHEQ Risk / Return Rank: 60
FHEQ Sharpe Ratio Rank: 63
FHEQ Sortino Ratio Rank: 62
FHEQ Omega Ratio Rank: 59
FHEQ Calmar Ratio Rank: 55
FHEQ Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBUF vs. FHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Dynamic Buffered Equity ETF (FBUF) and Fidelity Hedged Equity ETF (FHEQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FBUF	FHEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.43	+0.46
Sortino ratio: Return per unit of downside risk	2.55	2.02	+0.53
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	2.86	1.88	+0.99
Martin ratio: Return relative to average drawdown	11.92	7.01	+4.91

FBUF vs. FHEQ - Sharpe Ratio Comparison

The current FBUF Sharpe Ratio is 1.89, which is higher than the FHEQ Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FBUF and FHEQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBUF vs. FHEQ - Drawdown Comparison

The maximum FBUF drawdown since its inception was -11.09%, roughly equal to the maximum FHEQ drawdown of -11.12%. Use the drawdown chart below to compare losses from any high point for FBUF and FHEQ.

Drawdown Indicators

	FBUF	FHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.09%	-11.12%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	-7.77%	+2.16%
Current Drawdown Current decline from peak	-0.26%	-1.39%	+1.13%
Average Drawdown Average peak-to-trough decline	-1.34%	-1.82%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	2.08%	-0.74%

Volatility

FBUF vs. FHEQ - Volatility Comparison

Fidelity Dynamic Buffered Equity ETF (FBUF) and Fidelity Hedged Equity ETF (FHEQ) have volatilities of 2.78% and 2.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBUF	FHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.74%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	6.34%	7.70%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.49%	10.19%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.66%	10.51%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.66%	10.51%	-0.85%

FBUF vs. FHEQ - Expense Ratio Comparison

Both FBUF and FHEQ have an expense ratio of 0.48%.

Dividends

FBUF vs. FHEQ - Dividend Comparison

FBUF's dividend yield for the trailing twelve months is around 0.58%, more than FHEQ's 0.54% yield.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.58%	0.64%	0.54%
FHEQ Fidelity Hedged Equity ETF	0.54%	0.63%	0.50%

Frequently Asked Questions

Can I hold both FBUF and FHEQ in my portfolio?

With a correlation of 0.91, FBUF and FHEQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FBUF or FHEQ?

FBUF has higher volatility (2.78%) compared to FHEQ (2.74%). In terms of maximum drawdown, FBUF dropped -11.09% vs FHEQ's -11.12%.

Which ETF is better, FBUF or FHEQ?

On 1-year performance, FBUF leads with 15.99% vs 14.52% for FHEQ. Both ETFs have the same 0.48% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBUF or FHEQ?

Over the 1-year period, FBUF has performed better with a 15.99% return vs 14.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBUF or FHEQ?

FBUF and FHEQ have the same expense ratio: 0.48% per year.

Which ETF pays a higher dividend yield, FBUF or FHEQ?

FBUF has the higher dividend yield at 0.58%, compared with 0.54% for FHEQ.

What is the main difference between FBUF and FHEQ?

FBUF is categorized as Defined Outcome, while FHEQ is Equity Hedged.

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (1.89 vs 1.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.